Abbott Laboratories (ABT) Shares Bought by Otter Creek Advisors LLC

Otter Creek Advisors LLC raised its holdings in Abbott Laboratories (NYSE:ABT) by 55.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 273,352 shares of the healthcare product maker’s stock after purchasing an additional 97,352 shares during the quarter. Abbott Laboratories makes up about 1.8% of Otter Creek Advisors LLC’s investment portfolio, making the stock its 13th largest position. Otter Creek Advisors LLC’s holdings in Abbott Laboratories were worth $12,140,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Cypress Capital Management LLC WY raised its position in shares of Abbott Laboratories by 37.9% during the first quarter. Cypress Capital Management LLC WY now owns 2,531 shares of the healthcare product maker’s stock worth $112,000 after acquiring an additional 696 shares during the last quarter. Feltz Wealth PLAN Inc. bought a new stake in shares of Abbott Laboratories during the first quarter worth $112,000. Atwood & Palmer Inc. raised its position in shares of Abbott Laboratories by 157.5% during the first quarter. Atwood & Palmer Inc. now owns 3,270 shares of the healthcare product maker’s stock worth $145,000 after acquiring an additional 2,000 shares during the last quarter. Independent Portfolio Consultants Inc. raised its position in shares of Abbott Laboratories by 9.3% during the first quarter. Independent Portfolio Consultants Inc. now owns 3,420 shares of the healthcare product maker’s stock worth $152,000 after acquiring an additional 292 shares during the last quarter. Finally, Advantage Investment Management LLC raised its position in shares of Abbott Laboratories by 17.3% during the first quarter. Advantage Investment Management LLC now owns 3,674 shares of the healthcare product maker’s stock worth $163,000 after acquiring an additional 543 shares during the last quarter. Hedge funds and other institutional investors own 71.66% of the company’s stock.

Shares of Abbott Laboratories (ABT) traded up 1.03% during midday trading on Friday, hitting $52.02. The company had a trading volume of 6,221,827 shares. Abbott Laboratories has a one year low of $37.38 and a one year high of $52.15. The stock has a market capitalization of $90.38 billion, a price-to-earnings ratio of 72.86 and a beta of 1.06. The stock’s 50-day moving average price is $49.81 and its 200-day moving average price is $46.69.

Abbott Laboratories (NYSE:ABT) last announced its earnings results on Thursday, July 20th. The healthcare product maker reported $0.62 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.02. The business had revenue of $6.64 billion during the quarter, compared to analyst estimates of $6.63 billion. Abbott Laboratories had a return on equity of 14.43% and a net margin of 4.96%. Abbott Laboratories’s revenue for the quarter was up 24.5% compared to the same quarter last year. During the same period last year, the company earned $0.55 EPS. Analysts predict that Abbott Laboratories will post $2.49 EPS for the current year.

A number of research firms have recently weighed in on ABT. BMO Capital Markets restated a “hold” rating and set a $53.00 target price on shares of Abbott Laboratories in a research report on Friday, September 1st. Cowen and Company restated a “buy” rating and set a $55.00 target price on shares of Abbott Laboratories in a research report on Thursday, August 17th. Citigroup Inc. began coverage on Abbott Laboratories in a research report on Thursday, August 17th. They set a “neutral” rating and a $53.00 target price for the company. BidaskClub downgraded Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Sunday, August 6th. Finally, Zacks Investment Research downgraded Abbott Laboratories from a “buy” rating to a “hold” rating in a research report on Wednesday, August 2nd. Seven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $52.50.

In other news, insider Hubert L. Allen sold 4,600 shares of Abbott Laboratories stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $50.79, for a total value of $233,634.00. Following the completion of the transaction, the insider now directly owns 105,479 shares of the company’s stock, valued at approximately $5,357,278.41. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Jared Watkin sold 552 shares of Abbott Laboratories stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $47.97, for a total value of $26,479.44. Following the completion of the transaction, the insider now directly owns 47,090 shares of the company’s stock, valued at $2,258,907.30. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 218,702 shares of company stock valued at $10,837,658. 0.76% of the stock is owned by corporate insiders.

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About Abbott Laboratories

Abbott Laboratories is engaged in the discovery, development, manufacture and sale of a range of healthcare products. The Company operates through four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. Its Established Pharmaceutical Products include a range of branded generic pharmaceuticals manufactured around the world and marketed and sold outside the United States.

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Institutional Ownership by Quarter for Abbott Laboratories (NYSE:ABT)

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